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S&P rates Aramark notes B-
Standard & Poor's said it assigned its B- rating to Aramark Corp.'s proposed $1 billion senior unsecured notes due 2020.
The recovery rating on the proposed notes is 6.
S&P said the BB- issue and 2 recovery ratings on the existing senior secured debt, including the proposed term loan D, which is being upsized to $1.4 billion from $1 billion, remain unchanged.
The ratings on Aramark Holdings Corp., the ultimate parent company of Aramark Corp., reflect the view that the company's financial risk profile remains "highly leveraged," incorporating a very aggressive financial policy and considerable cash flow required to fund capital expenditures and pay interest costs, the agency said.
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